Walk-Away Programs Teach You How To Legally Stop Foreclosure
Walk-Away Programs Teach You How To Legally Stop Foreclosure
Going through a foreclosure is not the only option you are left with. If you are having trouble with your mortgage payments or are already at default, you can actually contact a walk-away company that you can "sell" your property to and advice you on how to legally stop foreclosure. You do not want to go through a foreclosure for the simple reason that you can lose everything you own in such proceedings. Not only will your home be taken by your lender. Your other assets might be subject for acquisition by your lender if they are necessary to cover the balance you have on your loan. A foreclosure also damages your credit record and prevents you from being able to take out another loan for about 5 to 7 years after foreclosure. This damage to your credit record could also have a negative impact on your chances for getting employment. This damage along with the possibility of losing everything you have are the reasons why other options like a short sale or a walk-away program is deemed as a more appealing option both for the borrower and for the lender.
If you want to know how to legally stop foreclosure now, you can contact a walk-away company to evaluate your options at being able to turn your property over to them instead of going through a foreclosure. These walk-away companies are real estate acquisition companies that actually buy your promissory notes at a negotiated rate from your lender. When you assign your property to a walk-away company, you turn your loan over to them and everything else about it. They legally stop the foreclosure process, helping you preserve whatever other assets you might. With a walk-away company, you are able to leave all your assets out of the equation in as far as your accountabilities with your lender are concerned. After you have turned over your property to a walk-away company, you can easily move on to build your life once again without any financial institution running after you for any unsettled obligations. You have to contact a walk-away company right away to find out if your property qualifies for such an option.